Premium FX Trade – Is it Safe?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Premium FX Trade - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2020
There is absolutely no information that the broker has provided about the types of accounts it offers, or even what its trading conditions and costs are. Therefore, we have been forced to leave this section of our review blank.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://premiumfxtrade.com
Founded: N/A
Regulations: Unregulated
Languages: English
Deposit Methods: Bank Wire, MasterCard, Visa
Minimum Deposit: Not Provided
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Binary Options, Forex, CFDs, Cryptocurrencies
Trading Accounts and Conditions
There is absolutely no information that the broker has provided about the types of accounts it offers, or even what its trading conditions and costs are. Therefore, we have been forced to leave this section of our review blank.
Premium FX Trade – Advantages
There are no advantages whatsoever of trading with Premium FX Trade. Read the next section of our review to find out why we have made such a strong statement against this broker.
Premium FX Trade – Disadvantages
Here are the disadvantages of trading with Premium FX Trade:
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Anonymous Broker
Premium FX Trade is provided us no corporate information whatsoever. The broker has given a UK address on its website, which doesn’t really mean much. Besides this snippet of information, we know nothing about the company or companies behind this brokerage.
There is no mention of a company name, where it is incorporated or how you can get in touch with this broker.
This means that this broker is operating anonymously, and this is the first red flag that indicated that Premium FX Trade is a scammer that you need to stay far away from.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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False Claims of Regulation
This broker claims to be based out of the UK and that it is regulated by the country’s financial authority, the FCA (Financial Conduct Authority). It was a very simple thing for us to verify this claim.
All we needed to do was to check the FCA’s online register to see if this broker was listed as a regulated entity with the watchdog. It was, of course, no surprise when we found out that there is no broker (or company) by the name of Premium FX Trade listed on the FCA’s online register.
Thus, we are able to prove that this broker is not just anonymous, it is also unregulated and is offering its financial services illegally.
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FinaCom Warning Against Broker
We were also able to find out that this broker not only operates illegally, but that it has been blacklisted by the FinaCom. The FinaCom, or Financial Commission) is a Hong Kong-based organization that carries out external dispute resolution (EDR).
EDR is the main way that consumers can resolve disputes with their services providers, so for such an organization to blacklist a broker clearly shows that it is definitely a scammer and should not be trusted with your precious funds.
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No Information on Accounts or Trading Conditions
As we mentioned at the beginning of our review, this broker has not provided even the most basic of information that traders need. There is no information on the account types, the minimum deposit requirements, leverage ratios, spreads, commissions or any other trading costs.
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No Information on Services and Platform
Information is also missing with regard to the services this broker provides. So, if you as a trader were to open an account with Premium FX Trade, you really wouldn’t know what trading instruments you will be offered.
You will also not know the kind of trading platform you will use! There is literally no information about the basics on this broker’s website.
What we were able to gather is that the only way that traders can get this information is if they ask for a connect with the broker. The broker then calls you back and that’s when you can get more information about their services and offerings.
This is yet another common scamming strategy, where they get your contact details and then pressure you into given them your banking or credit card details to take the deal further.
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No Support for MT4 or MT5
Like we said, this broker has not even given information about its trading platform, which is the main offering that a broker has for its clients.
Most legitimate brokers today offer their clients either the MetaTrader 4 or MetaTrader 5 trading platform.
The MT4 platform, because has been around longer, is the world’s foremost trading software. It offers users the full range of features that make trading so much easier. There are numerous charting and market indicators as options, plus automated trading bots, to mention just a few of the features.
The MT5, which was only recently launched is as good, and also allows traders to trade on multiple markets from a single platform.
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ID Verification for Registration
This broker also demands an ID verification during the registration process. You cannot open an account with Premium FX Trade until you provide them with all your personal and banking information. This is a huge red flag, as you would be giving out sensitive data without even being able to create an account with them.
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TeamViewer/AnyDesk Access Needed
You cannot proceed with the registration process unless you also allow this broker remote access to your PC or your mobile device through TeamViewer or AnyDesk.
These are software that allow you to access your devices remotely – from anywhere in the world. And if you give such an unscrupulous broker such kind of access to your personal computer or mobile device, you can basically kiss your money goodbye.
Conclusion
There are so many things wrong with Premium FX Trade that we would strongly urge all our traders to avoid them completely – and also warn their friends and family against using this broker’s services.
It would be best if you look for another broker – one that is regulated and transparent about the services and conditions.
Premium FX Trade
Pros
- None
Cons
- Anonymous Broker
- False Claims of Regulation
- FinaCom Warning Against Broker
- No Information on Accounts or Trading Conditions
- No Information on Services and Platform
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
eToro is a multi-asset platform which offers CFD and non CFD products. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.